Kansai Electric, Sumitomo to acquire thermal power plant in Australia

OSAKA, Feb. 15 (Kyodo) — Kansai Electric Power Co. and trading house Sumitomo Corp. said Friday they will jointly acquire a coal-fired power plant in Australia to participate in power business in the country.

The Japanese firms will buy all shares of the Bluewaters power stations with a total output of 416,000 kilowatts from Griffin Power Holdings Pty Ltd. in an undisclosed deal for the acquisition.

Kansai Electric said it is expecting stable returns on the deal in anticipation of solid power demand due to exports of resources as the state of Western Australia, where the power stations are located, is abundant in natural resources.

The Osaka-based utility has so far taken stakes in five power plants in the Philippines, Thailand, Singapore and Taiwan.

The Bluewaters power stations began commercial operations in 2009 and are one of the state's largest-scale coal-fired power plants.